Arizona weekly citizen., 1887-12-10

tbe sum Of s79, ,s64, 100 of the surplus was applied to tbe Plynent of the principal and interest oI Jhe three per cent bonds still oulstaud,ns. and which were shen oayabic ss tne option of the govern ment. The pTeaHfiou6 condition of nDaD- c;sl affairs nmonR the people still need ina relief, immediately after the SO'h day of June, 1887, tho rercEIndeT of the three per cant bonds then outstBndiDe, srnou1tinE with principal aud interest 70 the surn of SI8.S77,5O0, were called m and applied to the sinking fun3 eoUtri- but!o5 for th6 current Esoal year. Not y,th5tsnding thea5 oPeIasions CT th. Treasury Department reDressnsauuns0 0f dissre -s in business circles not Oniy con tiausd but iecf-6sCd, md ebs0.ute peril seemed ot hGui. l1 view oi these ciE- cttns tgrcos the ccatflouhon tO Us sink irg fund for th5 current fiscal yosr Sss A. oore oompiete1 by ihs exp. lditure of 227cS4, ,2S35j iu tbe pUroh.se Of povelnraeut bcad6 net ye. due, Ue 4-ing four to four and oLC-bai! Der csL5 llteg- est. The premium pad therCOu aver aging 24 cent Der cent for the t;Fmer and s per cent for the latter, To adci- tiop to tnis interest account E-c- CinT during current y0ar upon out5:-lii bonded indebted 1eeE Ot rOverrEaut sls to ecrae e1teUt anticipated euJ tspzs se!ecsed dsuCei gri-5 Ci TGb,i- rJ JIey were perria.ed io EGmeghat increase their depositf, w'iis the ezpedients thus en1p,oyed to rcieHse tO She people the mousS lyIug in the treGsary served to avert immediate lsnCef, Cag surplus rev enues have continued Co accountable. The excess Tor present year amounting n the first day of December % $55,2 ,25S S7l. 10, rud estimated iO IeaoL inc Sun Ot SllS. OGOOOO on ihe 30sh dsy Ci June nex., Bt which date It i8 expected that Ibis sun, added to prior sccumulGiiOns, will swell the surplus m She treasury to el4O,UOO.- OO0 There seems to Do no assurance that wish such n withdrawal from use, of the peoples circulating medium our business community may not 10 the near future bo subjected to the same distress which was quite lately produced from the same cau-e and while the functions of our National Treasury should be few and simple. and while i;s best condition would be reached, believe, by its en- tire dioonneciiOn with ;he private busi- ness interests. yet. when, by a peTver- sion Ofits purposes, 1t idly holds money uselessiy atslIacled from channels of trade, there seems to bc reason for claims thh. legitimate means should be devised by the Roycfnmen;, to FessOre, in Bn emergency. without waste CT eLtIvs- gBnce, such money, to its place among people. It sucl Cn emerg ncy arises, there now exists no clear and undOubted
 executive power of relief; ht retOiUTe the redemption of 3 per ceuis only, which were payable Rt option ct government hcs afforded @ means for Inc dis6GTse- ment of excess of our Tevenufs, but these bonds have sll been retired snd there are no bonds outstanding, the pay ment of which We hsve L. night to insist upon. The cOntribCsiOR tO FInking fund
 which furnishes the occasion for expe odi- lures In the purchase Of bonds have blCD already made for current year, so there
 is no outlet ID that direction. In pres ent state of Legislation, ihe only pretense
 Of any existing executive pOTsr to Fe- store st this tme auJ pGrt of our surplus revenues to the people. Sy i.s expendI
 ture, consists ID shs suppusiiicn that the
 Secretary of she Treasury nay eater tht
 market Gud purchase oJuds ol tke gov eFnmeut not yet due, es Tate of pre-
 mum to be agreed upon. Inc only pro vision of law from which such power could be deuveJ, Is found IL Rn sppro
 pTistiOn bill passed number Oi yesrs
 ago, and il is sUt!elL tO suspicion that
 It was intended Gg t=mpoffFy and limit d in its application iIl5 iead OS coutCrfInr
 s continuing discretion and au,hOTIty
 No condition ought Co eKist which E0Gid justify a grant of power to c EJUgi
 official, upon hls Judgment oi its neCGs- sity, to withhold from e release tO busi- ness of people, ID sn unusual manner,
 money, bCid Iu treasury, and thus al c.
 at his VIII. she financial situation Oi ths
 country, and # lt 8 deemed wise iG !od ye 10 the Secretary of the ITcosafy. the Eo-
 ihoFity n fLc pG1rcus lgEc'ure, Co Tur-
 chase b2Dd1. q. should be plainly vested
 and DroFoci as llI Bs possible, with sucI cheeks and liEltC.i1Cs as y1il define ms
 official right and IeiiCu and si the
 seue time Faulv. EiI isun undue rt- sponslblLty. ll CJuSideFing the question of pur heslug bonds Gs
 means of restoring 70 cirCuia,icl
 surplus money acc luuiaiIug Iu ihe
 treasury, it sLcu.i Lg borne in miai.
 that prersIu-ll EuGt yf course be pui1
 upon such EUrcha1c that there may be
 large part oi these bonds hold as invest
 menls, which caunc, 6e purchased st
 sny price, and com b4nbi.on5 among hold
 CTS who are wiling Co sell, nsy reEson-
 ably enh0noe tlC cost 0g such bonds to
 the goyeslmeni. | hes been suggested
 that the present. bonded debt raighs be
 funded at less rate Ci interest, and the
 difference between old and new secuFi-
 tes paid in c5gt, tngs LuGinR Use for
 5GIpiUs m tTengury. The suocess of this
 plan, 1t IS apparent, must be founded
 upon the yolition of the holders of the
 present bonds, and !; IS not entirely cer- tain that the Inducement winch mus. b.
 founded upon the vOliliOn Ot the hold CTS of the present bonds; and 1t is not entirely certain that the induceuent
 which must be offered them, would re- salt in more financial benefit 10 the gov ernmsnt than the purchase of bonds.
 while the latter proposition would re- duce the principal of the debt by actual payment instead of extending it. The
 proposition to deposit money held by the government In banks throughout the country for use by the people, IS, lt seems to me, En exceedingly obiectiou- nAAt tAAAE4PAtf ssc AEl4snlGh tO h cl0eG le- latioDEbip between the operations of the government to business of tke coun- try, and too extensive a commingling of their money, thus fostering an unnatural reliance in the private business upon public funds. 1T this scheme should b. adopted, It should be only done Bs 2 temporary expedIent tc meet Gn urgent necessity Legislative aud conclusive effort should be made in the opposite direction and should have 0 tendency to divorce as much and 8s fast as could safely be done, the TTeRsury Depart ment from prIg8se enterprises. Of course !: is not expected unnecessery extrsva- gant operations will be made for the purpose of avoiding the accumulation of | an excess ofrevenUe. Such expenditure, besides the demorClizalicn of all just | of public duty winch it en tails, emulstes Q TeckleF1 imnrovidence aot iD the least consistent with the mis- sion of our people or the high and beae- icieut purposes of our Eovernment. II have deemed tt duty thus to bring to The knogledge of my conntrymen as well aS to the attention of their representa- lives. the responsibility Of legislative re- Ief. The gravity Uf our financial situs- ton, the failure of the Congress hereto
 ore to provide Egainat dangers -b;cb |